Newport Beach-based American Vanguard Corp. posted record sales for the third quarter, with a 23% year-over-year increase to $90.8 million.
Analysts had expected revenue of $84.2 million.
Profit for the specialty chemicals maker jumped 75% to $8.1 million for the quarter, beating analyst forecasts of about $6.9 million.
Sales growth was attributed to the company’s “participation in cotton and seasonal sales of our soil fumigants for post-harvest applications,” according to Chief Executive Eric Wintemute. “Our sales also included initial shipments of granular soil insecticides in response to grower demand ahead of the 2013 planting season.”
American Vanguard has seen $262.8 million in sales so far this year, up 20% from the same period last year. Profit for the nine months was $25.6 million, a gain of 63%.
“We see the continuing trend of profitability improvement,” Wintemute said.
American Vanguard shares have more than doubled so far this year but saw a dip on the third-quarter results. Shares were down about 5% during early trading, at a market value of about $944 million.